Thursday, January 17, 2013

RFC accounts ( Resident Foreign Currency)
are bank accounts that can be maintained by resident Indians in foreign
currency. These accounts are especially useful for Non Resident Indians
(NRI) who return to India and would like to bring back foreign currency
from their overseas bank accounts. In this article, let's take a look
at the features of RFC accounts for returning NRIs.

Note: The
RFC account discussed in this article is particularly for returning
NRIs. There is also an RFC (Domestic) account that can be opened by
resident Indians. The features of the RFC (Domestic) account are
slightly different and are not discussed in this article.

Who can open?CurrenciesType and form of accountInterestDeposits and withdrawalsRFC to NRENominationDocuments needed for opening RFC account